Stock Analysis on Net

ConocoPhillips (NYSE:COP)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

ConocoPhillips, solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.38 0.35 0.44 0.51 0.43
Debt to equity (including operating lease liability) 0.40 0.36 0.45 0.54 0.45
Debt to capital 0.28 0.26 0.31 0.34 0.30
Debt to capital (including operating lease liability) 0.28 0.26 0.31 0.35 0.31
Debt to assets 0.20 0.18 0.22 0.25 0.21
Debt to assets (including operating lease liability) 0.20 0.18 0.23 0.26 0.22
Financial leverage 1.95 1.95 2.00 2.10 2.02
Coverage Ratios
Interest coverage 21.88 36.07 15.38 -2.90 13.24
Fixed charge coverage 17.14 28.76 11.94 -1.79 9.51

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. ConocoPhillips debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. ConocoPhillips debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. ConocoPhillips debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. ConocoPhillips debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. ConocoPhillips debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. ConocoPhillips debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. ConocoPhillips financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. ConocoPhillips interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. ConocoPhillips fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Debt to Equity

ConocoPhillips, debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
 
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Solvency Ratio
Debt to equity1 0.38 0.35 0.44 0.51 0.43
Benchmarks
Debt to Equity, Competitors2
Chevron Corp. 0.13 0.15 0.23 0.34 0.19
Exxon Mobil Corp. 0.20 0.21 0.28 0.43 0.24
Marathon Petroleum Corp. 1.12 0.96 0.97 1.42 0.86
Occidental Petroleum Corp. 0.65 0.66 1.46 1.95 1.13
Pioneer Natural Resources Co. 0.23 0.24 0.33 0.33 0.24
Valero Energy Corp. 0.44 0.49 0.75 0.78 0.44
Debt to Equity, Sector
Oil, Gas & Consumable Fuels 0.28 0.29 0.40 0.55 0.36
Debt to Equity, Industry
Energy 0.29 0.30 0.42 0.57 0.37

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Common stockholders’ equity
= 18,937 ÷ 49,279 = 0.38

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. ConocoPhillips debt to equity ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

ConocoPhillips, debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
Current lease liabilities, operating leases (included in Other accruals) 193 155 188 226 347
Long-term lease liabilities, operating leases (included in Other liabilities and deferred credits) 504 390 479 559 585
Total debt (including operating lease liability) 19,634 17,188 20,601 16,154 15,827
 
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Solvency Ratio
Debt to equity (including operating lease liability)1 0.40 0.36 0.45 0.54 0.45
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Chevron Corp. 0.16 0.17 0.25 0.37 0.21
Exxon Mobil Corp. 0.23 0.24 0.31 0.46 0.27
Marathon Petroleum Corp. 1.17 1.01 1.03 1.49 0.93
Occidental Petroleum Corp. 0.69 0.69 1.49 2.01 1.17
Pioneer Natural Resources Co. 0.25 0.26 0.34 0.35 0.26
Valero Energy Corp. 0.48 0.54 0.82 0.84 0.50
Debt to Equity (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.31 0.31 0.43 0.58 0.39
Debt to Equity (including Operating Lease Liability), Industry
Energy 0.32 0.33 0.45 0.61 0.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Common stockholders’ equity
= 19,634 ÷ 49,279 = 0.40

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. ConocoPhillips debt to equity ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Debt to Capital

ConocoPhillips, debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Total capital 68,216 64,646 65,340 45,218 49,876
Solvency Ratio
Debt to capital1 0.28 0.26 0.31 0.34 0.30
Benchmarks
Debt to Capital, Competitors2
Chevron Corp. 0.11 0.13 0.18 0.25 0.16
Exxon Mobil Corp. 0.17 0.17 0.22 0.30 0.20
Marathon Petroleum Corp. 0.53 0.49 0.49 0.59 0.46
Occidental Petroleum Corp. 0.39 0.40 0.59 0.66 0.53
Pioneer Natural Resources Co. 0.19 0.19 0.25 0.25 0.19
Valero Energy Corp. 0.30 0.33 0.43 0.44 0.31
Debt to Capital, Sector
Oil, Gas & Consumable Fuels 0.22 0.22 0.28 0.35 0.26
Debt to Capital, Industry
Energy 0.23 0.23 0.29 0.36 0.27

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 18,937 ÷ 68,216 = 0.28

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. ConocoPhillips debt to capital ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

ConocoPhillips, debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
Current lease liabilities, operating leases (included in Other accruals) 193 155 188 226 347
Long-term lease liabilities, operating leases (included in Other liabilities and deferred credits) 504 390 479 559 585
Total debt (including operating lease liability) 19,634 17,188 20,601 16,154 15,827
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Total capital (including operating lease liability) 68,913 65,191 66,007 46,003 50,808
Solvency Ratio
Debt to capital (including operating lease liability)1 0.28 0.26 0.31 0.35 0.31
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Chevron Corp. 0.14 0.15 0.20 0.27 0.18
Exxon Mobil Corp. 0.19 0.19 0.24 0.32 0.22
Marathon Petroleum Corp. 0.54 0.50 0.51 0.60 0.48
Occidental Petroleum Corp. 0.41 0.41 0.60 0.67 0.54
Pioneer Natural Resources Co. 0.20 0.20 0.26 0.26 0.21
Valero Energy Corp. 0.32 0.35 0.45 0.46 0.33
Debt to Capital (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.24 0.24 0.30 0.37 0.28
Debt to Capital (including Operating Lease Liability), Industry
Energy 0.24 0.25 0.31 0.38 0.29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 19,634 ÷ 68,913 = 0.28

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. ConocoPhillips debt to capital ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Debt to Assets

ConocoPhillips, debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
 
Total assets 95,924 93,829 90,661 62,618 70,514
Solvency Ratio
Debt to assets1 0.20 0.18 0.22 0.25 0.21
Benchmarks
Debt to Assets, Competitors2
Chevron Corp. 0.08 0.09 0.13 0.18 0.11
Exxon Mobil Corp. 0.11 0.11 0.14 0.20 0.13
Marathon Petroleum Corp. 0.32 0.30 0.30 0.37 0.29
Occidental Petroleum Corp. 0.27 0.27 0.39 0.45 0.35
Pioneer Natural Resources Co. 0.15 0.15 0.20 0.20 0.15
Valero Energy Corp. 0.18 0.19 0.24 0.28 0.18
Debt to Assets, Sector
Oil, Gas & Consumable Fuels 0.15 0.15 0.19 0.25 0.18
Debt to Assets, Industry
Energy 0.15 0.15 0.20 0.25 0.18

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 18,937 ÷ 95,924 = 0.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. ConocoPhillips debt to assets ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

ConocoPhillips, debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt 1,074 417 1,200 619 105
Long-term debt 17,863 16,226 18,734 14,750 14,790
Total debt 18,937 16,643 19,934 15,369 14,895
Current lease liabilities, operating leases (included in Other accruals) 193 155 188 226 347
Long-term lease liabilities, operating leases (included in Other liabilities and deferred credits) 504 390 479 559 585
Total debt (including operating lease liability) 19,634 17,188 20,601 16,154 15,827
 
Total assets 95,924 93,829 90,661 62,618 70,514
Solvency Ratio
Debt to assets (including operating lease liability)1 0.20 0.18 0.23 0.26 0.22
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Chevron Corp. 0.10 0.11 0.15 0.20 0.13
Exxon Mobil Corp. 0.13 0.13 0.16 0.22 0.15
Marathon Petroleum Corp. 0.33 0.31 0.32 0.39 0.32
Occidental Petroleum Corp. 0.28 0.29 0.40 0.47 0.37
Pioneer Natural Resources Co. 0.16 0.16 0.21 0.21 0.17
Valero Energy Corp. 0.20 0.21 0.26 0.31 0.20
Debt to Assets (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.16 0.16 0.20 0.26 0.19
Debt to Assets (including Operating Lease Liability), Industry
Energy 0.17 0.17 0.21 0.27 0.20

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 19,634 ÷ 95,924 = 0.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. ConocoPhillips debt to assets ratio (including operating lease liability) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Financial Leverage

ConocoPhillips, financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 95,924 93,829 90,661 62,618 70,514
Common stockholders’ equity 49,279 48,003 45,406 29,849 34,981
Solvency Ratio
Financial leverage1 1.95 1.95 2.00 2.10 2.02
Benchmarks
Financial Leverage, Competitors2
Chevron Corp. 1.63 1.62 1.72 1.82 1.65
Exxon Mobil Corp. 1.84 1.89 2.01 2.12 1.89
Marathon Petroleum Corp. 3.52 3.24 3.26 3.84 2.93
Occidental Petroleum Corp. 2.45 2.41 3.69 4.31 3.19
Pioneer Natural Resources Co. 1.58 1.59 1.61 1.66 1.57
Valero Energy Corp. 2.39 2.59 3.14 2.75 2.47
Financial Leverage, Sector
Oil, Gas & Consumable Fuels 1.91 1.94 2.10 2.24 2.01
Financial Leverage, Industry
Energy 1.93 1.95 2.12 2.27 2.03

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Common stockholders’ equity
= 95,924 ÷ 49,279 = 1.95

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. ConocoPhillips financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Interest Coverage

ConocoPhillips, interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips 10,957 18,680 8,079 (2,701) 7,189
Add: Net income attributable to noncontrolling interest 46 68
Add: Income tax expense 5,331 9,548 4,633 (485) 2,267
Add: Interest and debt expense 780 805 884 806 778
Earnings before interest and tax (EBIT) 17,068 29,033 13,596 (2,334) 10,302
Solvency Ratio
Interest coverage1 21.88 36.07 15.38 -2.90 13.24
Benchmarks
Interest Coverage, Competitors2
Chevron Corp. 64.08 97.27 31.39 -9.69 7.94
Exxon Mobil Corp. 63.17 98.43 33.98 -23.94 25.16
Marathon Petroleum Corp. 12.06 18.13 3.22 -9.21 4.50
Occidental Petroleum Corp. 7.80 14.71 3.30 -10.03 1.17
Pioneer Natural Resources Co. 41.83 78.74 18.06 -1.02 9.16
Valero Energy Corp. 20.88 28.24 3.56 -2.57 8.68
Interest Coverage, Sector
Oil, Gas & Consumable Fuels 28.13 43.81 13.35 -10.63 9.35
Interest Coverage, Industry
Energy 26.62 40.78 12.71 -11.34 6.72

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 17,068 ÷ 780 = 21.88

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. ConocoPhillips interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Fixed Charge Coverage

ConocoPhillips, fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to ConocoPhillips 10,957 18,680 8,079 (2,701) 7,189
Add: Net income attributable to noncontrolling interest 46 68
Add: Income tax expense 5,331 9,548 4,633 (485) 2,267
Add: Interest and debt expense 780 805 884 806 778
Earnings before interest and tax (EBIT) 17,068 29,033 13,596 (2,334) 10,302
Add: Operating lease cost 229 212 278 321 341
Earnings before fixed charges and tax 17,297 29,245 13,874 (2,013) 10,643
 
Interest and debt expense 780 805 884 806 778
Operating lease cost 229 212 278 321 341
Fixed charges 1,009 1,017 1,162 1,127 1,119
Solvency Ratio
Fixed charge coverage1 17.14 28.76 11.94 -1.79 9.51
Benchmarks
Fixed Charge Coverage, Competitors2
Chevron Corp. 9.57 18.28 8.43 -1.29 2.62
Exxon Mobil Corp. 13.03 20.62 9.13 -5.68 5.66
Marathon Petroleum Corp. 8.98 13.15 2.52 -5.84 3.13
Occidental Petroleum Corp. 3.09 6.42 1.78 -4.00 0.91
Pioneer Natural Resources Co. 19.82 36.67 9.50 0.07 4.07
Valero Energy Corp. 12.65 17.27 2.57 -1.02 4.90
Fixed Charge Coverage, Sector
Oil, Gas & Consumable Fuels 10.40 17.28 6.19 -3.71 4.02
Fixed Charge Coverage, Industry
Energy 9.63 15.71 5.78 -3.83 2.98

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 17,297 ÷ 1,009 = 17.14

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. ConocoPhillips fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.